Oakbay suffers ZAR1.2 billion loss for year end February

The Tourist Company of Nigeria Plc

Oakbay Resources said it suffered a net loss of ZAR1.2 billion for the year-end February 2017.

Revenue for the year grew to R462.6 million (2016: R273.7 million), gross profit rose to R48.6 million (2016: R46 million).

Operating loss soared to R1.229 billion (2016: loss of R1 million), total loss attributable to owners of the company jumped to R570.3 million (2016: loss of R5.1 million), while headline loss per share was higher at 5.89 cents per share (2016: loss of 0.68 cents per share).

Oakbay said in line with group strategy, no dividend will be declared for the financial period.

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